Gold and bitcoin were 2026's worst assets — the midterms just gave them a pulse

What happened: Gold and bitcoin rallied the morning after the midterm elections while the dollar slipped, after both spent most of 2026 as the market's two worst bets. Key numbers: Gold futures rose more than 3% to above $4,000 an ounce; bitcoin rose nearly 4% to above $80,000; silver gained about 5%. Why it matters: The move reflects the debasement trade, the bet that deficits and easy money erode the dollar's value. Wells Fargo said gold's jump may reflect less political certainty and lower inflation-adjusted rates, but it expects the dollar to appreciate through 2027. Market: +3.3% today ($79,880.27), -10.0% YTD, 1.6x vol — as of 20:03 UTC

Gold and bitcoin rallied the morning after the midterm elections while the dollar slipped, after both spent most of 2026 as the market's two worst bets.

The move reflects the debasement trade, the bet that deficits and easy money erode the dollar's value. Wells Fargo said gold's jump may reflect less political certainty and lower inflation-adjusted rates, but it expects the dollar to appreciate through 2027. Market: +3.3% today ($79,880.27), -10.0% YTD, 1.6x vol — as of 20:03 UTC